Banque Cantonale Vaudoise Decreases Stock Position in Best Buy Co., Inc. $BBY

Banque Cantonale Vaudoise reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 51.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,667 shares of the technology retailer’s stock after selling 16,363 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Best Buy were worth $1,006,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Torren Management LLC purchased a new stake in shares of Best Buy in the fourth quarter valued at $25,000. MV Capital Management Inc. purchased a new stake in Best Buy during the 4th quarter worth about $25,000. Palisade Asset Management LLC acquired a new position in Best Buy in the 3rd quarter valued at about $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy in the 4th quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its holdings in Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. This represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BBY shares. Truist Financial increased their price target on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research note on Friday, May 29th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Loop Capital decreased their price target on Best Buy from $85.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.50.

Best Buy Price Performance

BBY stock opened at $77.91 on Friday. The company has a market cap of $16.42 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $67.01 and a two-hundred day moving average price of $66.68. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the company earned $1.15 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be given a $0.96 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.9%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.